The Federal Government is poised to launch a comprehensive technical and financial audit of the Ajaokuta Steel Complex, a move designed to attract private investment and fast-track the plant’s revival.
Minister of Steel Development, Prince Shuaibu Audu, disclosed this during the official presentation of an appointment letter to the newly appointed Managing Director of Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam, following the handover by the outgoing Acting Sole Administrator, Kanwai Joseph.
According to Audu, the audit aligns with President Bola Tinubu’s directive to open up the steel complex to credible investors through a transparent privatization process.
“I assure you that the revival of Ajaokuta Steel and the entire Steel Sector is well underway,” the Minister said.
“Following the signing of the Memorandum of Understanding with the original Equipment Manufacturers in Moscow, Russia in September last year, we are on the verge of carrying out the technical and financial audit of the Complex and other critical processes so as to bring in investors and suitors from the various options available through a privatization process as directed by Mr. President. Our role is to consolidate these gains and present viable options for Mr. President’s approval,” he added.
Audu emphasized the need for collective action in reviving the steel plant, which has remained dormant since its establishment in 1979 despite its potential to catalyze Nigeria’s industrial transformation.
“Reviving Ajaokuta Steel Plant is a collective project. It is not something the Minister, Permanent Secretary, or Managing Director can achieve alone. All hands must be on deck as it requires the concerted efforts of all stakeholders to realise Mr. President’s vision for the revival of Ajaokuta Steel Plant and the broader steel sector,” he said.
The Minister also lauded the outgoing Acting Sole Administrator, Kanwai Joseph, for his nearly 35 years of service to the steel plant, rising from an entry-level engineer to overseeing its operations in recent months.
“I congratulate the newly appointed Managing Director of Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam, a seasoned academician and Professor of Geophysics and someone well-acquainted with the steel sector, having served as my Technical Adviser prior to this appointment.
“I wish you Godspeed as we work together towards the successful revival of Ajaokuta Steel Plant,” Audu added
The Permanent Secretary of the Ministry, Chris Isokponwu also commended Abdulsalam’s appointment and urged him to brace up for the herculean task ahead.
“It will not be an easy task; you are facing a challenge of over 45 years. The good news is that you have a minister who is fully committed to the success of Ajaokuta’s revival,” Isokponwu stated.
In his response, Abdulsalam expressed gratitude to President Bola Tinubu and the Minister for entrusting him with the responsibility.
“Our fundamental goal is to work together to realise Mr. President’s vision for the revival of Ajaokuta Steel Plant. I am fully prepared to deliver on this mandate with the support of the Honourable Minister, the Permanent Secretary, and the entire team at the Ministry of Steel Development. I pray, and I am confident that Ajaokuta will come alive in our time,” he said.
Outgoing Acting Sole Administrator, Joseph praised the Minister’s decision to engage the original builders of the steel plant, describing it as the most strategic move he has witnessed in his 35 years at Ajaokuta.
He said, “If this step had been taken earlier, the steel plant would have been revived long ago.”
